Four-wheelers have become an inevitable part of our daily commute, primarily because of the congested public transport options and partly because of the ease of getting auto loans at attractive prices. Many banks and financial institutions are ready to offer tailor-made second-hand car loan offers with features like 100% financing, flexible repayment tenure, and affordable EMIs. Simultaneously, the risk is higher with pre-owned cars, which leads to higher rates of interest. While there is too much to consider, one must not feel overwhelmed as only a well-researched car loan application can get you the best deal.
To begin with here’s why you should consider taking a car loan:
With so many institutions offering great deals, you can ride home your most assets very easily.
- You must go for a used car loan as the application process is quick, requires minimal documentation and has a speedy fund disbursal. Additionally, some lending organisations give loans up to 8 years on used cars with complete support for loan and RC transfer.
- With the help of car loan EMI calculators readily available on your search engine, you can find out the various combinations of loan tenure and loan amount, keeping the interest rate fixed, to see which plan suits your pocket the most.
- Since there are different entry segments in the automobile industry, borrowers can apply for loans up to Rs.100 lakh (Rs.1 crore). From an entry segment four-wheeler to a brand-new supercar to a pre-owned luxury car, you can have any.
- Banks and other financing institutions offer attractive interest rates on used car loans to all their prospective borrowers, depending on their credit history. Also, if you have an existing home loan with a positive payment history, you can even get a concession on your interest rates on car loans.
- There are cost-effective ways to finance your second hand car, including a top-up on your existing home loan, a personal loan, or a loan financed through car dealer-lending organizations tie-ups.
Here’s how you can check your used car loan eligibility with calculator:
Purchasing a brand new car is perhaps one of the greatest dreams of a common man. However, it also involves huge financial decisions that often drain your life’s savings. By choosing to buy a second-hand car on a loan, you can manage the vehicle’s cost without digging a hole in your investment funds. This way you don’t need to settle on a cheaper asset as you can now opt for your dream car and pay for it in Equated Monthly Installments or EMIs. You could even figure your EMI much before you buy the vehicle with the help of a car loan EMI calculator.
You can ascertain your vehicle’s monthly EMI in three straightforward and simple steps on an openly available car loan calculator. Just put the required details in the designated columns – loan amount, loan tenure, and interest rate (usually starting at 8.60% p.a.) to figure out the car loan EMIs surprisingly fast.
CRED’s car loan calculator is an easy way to access your loan eligibility and in case you are concerned about your EMI estimations. With all the calculations in place, users can find out the exact EMI amount that the banks will charge.